Gold fell below key support

On Monday (March 19), spot gold in Asian cities and European markets tried to rebound after hitting a low of 1307.51, and is currently trading at around 1310 US dollars.

In response to the intraday performance of gold prices, the news site Economies.com wrote the following:

The price of gold traded above the 1316.48 level last Friday and confirmed that it broke below this support level and promoted the price of gold to continue to decline on this trading day. As the price of gold is in the bearish channel, we believe this will push the gold price to test the 50% Fibonacci retracement level of 1301.20.

Therefore, this trading day is recommended to maintain a bearish position, mainly supported by the 50 index moving average.

On the upside, a break above the 1316.48 level will further look to 1325.00, which will stop the expected decline and return the exchange rate to the main bullish trend.

It is expected that the intraday trading will be located between the support level of 1290.00 and the resistance level of 1320.00.

Expected trend within the day: bearish.

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